Rookie of the Year?
When the cryptocurrency boom occurred in 2020, we received an innovative byproduct of it: non-fungible tokens. Yes, NFTs, your favorite, are back on the news, and no, it doesn’t have anything to do with the crypto crash that occurred a week ago. In fact, today’s news is great for NFT innovation and branding.
Recently, Charlotte Hornets basketball star LaMelo Ball announced his entry into the NFT market. This star is a rookie, drafted second overall in the 2020 NBA Draft, and he has created a storm in the NBA with his unique, flashy playstyle. For those wondering, this is LaVar Ball’s son. That’s a name you might be more familiar with due to LaVar’s loud, arrogant attitude. Unfortunately, LaMelo’s late season injury caused his Hornets to miss the playoffs, but he was the true gem of their season. His future is bright, starting with his current award nomination for the NBA’s Rookie of the Year.
That last bit plays a major role in LaMelo’s NFT venture. On Thursday, LaMelo released 500 Dynamic NFTs prior to the Rookie of the Year announcement, making him the first athlete to use these. These NFTs have the ability to change over time, which means LaMelo winning the award will change the NFT and possibly increase its value. LaMelo is essentially minting his career on the blockchain, in the words of Playground, the company he is working with. LaMelo also wants to hold lotteries which allow his Dynamic NFT owners to “burn” the NFT for a chance at getting his memorabilia, which layers another twist into something we’ve never seen athletes do before. What do you think about LaMelo’s use of the blockchain? Also, for basketball fans, do you think LaMelo will win Rookie of the Year? In my opinion, I think Anthony Edwards will take it, but the race for the award looks to be as close as the one in 2018 between Ben Simmons and Donovan Mitchell.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.